Jul 24, 2011

Does your gut tighten a little with each newscast? We get closer to the default on the national debt. It’s like riding into the sun. We believe it’s going to happen, but we don’t really. We think someone somewhere will pull a rabbit out of his hat and save us. Someone somewhere has a few trillion dollars they’ve been saving for a rainy day.

Maybe they just don’t believe it’s really raining. It doesn’t feel like rain.

Deadlines come and deadlines go, and still we go on. The news doesn’t feel real – sandwiched in between commercials. It will feel real enough if we fail, which seems inevitable.

Congress and the president are working on the terrible task of making something out of nothing -- something in the Treasury out of the nothingness of reality.

I warned them. Many others did, too. But it still doesn’t seem real.

The next deadline is today at 4 pm eastern time. One o’clock western time. The time Asian markets open. From there it’s just one deadline after another. We won’t make any of them. Not really. But maybe they can cook up some smoke that will buy us a few more months.

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